Lamar Advertising Co. on Wednesday reported fourth-quarter adjusted funds from operations increased to $147.5 million, or $1.48 per share, compared to $135.8 million, or $1.38 for the same period in 2017.

The Baton Rouge-based outdoor and transit advertising company operates as a real estate investment trust and funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had fourth-quarter net income of $95.7 million, or 96 cents per share, compared to net income of $87.2 million, or 88 cents per share, for same period in 2017. Revenue was $427.9 million in the period versus $398.5 million a year earlier.

For the year, the company reported adjusted funds from operations of $544.5 million compared to $496.3 million for 2017. Revenue was reported as $1.63 billion versus $1.54 billion.

Chief executive Sean Reilly said the company anticipate another year of solid sales and AFFO growth in 2019.

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